Well, B'Joe, you have only a few options; outside of scoring some used heads...
The helicoil would probably work. You may not need to first drill as the aluminum head could be tapped fairly easily. Grease the tap to catch most of the chips and either vacuum out the swarf or blast it out the exhaust port at startup.
Wonder how much that tap costs? Gotta be cheaper than a replacement head.
A pipe thread plug would also work but I might wonder if the end of the plug may extend into the exhaust tract and generate a hot spot during ops. Unsure if that might cause a problem.
It's a fixable problem. BTW, other forum and site notes regarding the air plumbing removal instruct the owner to not use anti-sieze on the threaded plugs. Never heard a reason why not to but I didn't use any when I modded both my R65s.
Good luck. Let us know how it turns out.